Question 8 — Decisions without reliable data - Questions at the end of the chapter - Chapter 8 - Building Blocks in Economics: The Problem of Choice

Last updated at September 18, 2026 by

Can effective economic decisions be made without reliable data? Support your answer with an example.

Concept What does Economics Deal with?
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  • No, they cannot. Without data, a decision is only a guess.
    • Example - A shopkeeper who does not check last year's sales may order too many raincoats and too few umbrellas.
  • With reliable data, the shopkeeper can see what sold, and order the right stock.
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